to impose a duty on the Commonwealth not to exceed the 1500 gigalitre limit on surface water purchases in the Murray-Darling Basin at the time of entering into a water purchase contract; and Basin Plan 2012 to provide flexibility in the recovery of 450 gigalitres of water for the environment through efficiency measures funded under the Water for the Environment Special Account.

The bill: establishes the Office of Animal Welfare as an independent statutory authority with responsibility for advising on the protection of animal welfare in Commonwealth regulated activities; provides for the functions, appointment, and terms and conditions of the Chief Executive Officer (CEO); provides for staff and consultants; establishes the Office of Animal Welfare Advisory Committee to advise the CEO; and provides for reporting requirements.

to: provide a 5 per cent tax offset (capped at $1000 per income year) to individuals who run small businesses with an aggregate annual turnover of less than $2 million, or who have a share of a small business’ income included in their assessable income; and enable small businesses and individuals to immediately deduct certain costs incurred when starting up a business; and

Fringe Benefits Tax Assessment Act 1986

to extend the fringe benefits tax exemption that applies to employers that provide employees with work-related portable electronic devices.

to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and single taxpayers eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts.

in relation to the taxation of employee share schemes by: amending the taxing point for rights for employees of all corporate tax entities; and providing an additional tax concession for employees of certain small start-up companies; and the

Income Tax Assessment Act 1997

to: enable the Commissioner of Taxation to approve a method for determining the market value of an asset or non-cash benefit for income tax purposes; and make technical amendments.